| Thu 26 May 2005, 17:32 | | King Consolidated - Audited Group Results For The |
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KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
(Ordinary Share Code: KNG & ISIN code: ZAE000012902)
Audited Group results for the year ended 28 February 2005
ABRIDGED INCOME STATEMENT
28-Feb 29-Feb
2005 2004
R000`s R000`s
Revenue 229,293 203,074
Operating profit before interest 2,018 3,193
Interest paid -2,186 -2,680
Profit/(loss) before exceptional -168 513
items
Exceptional items -235 -1,162
Loss before taxation -403 -649
Taxation - -
Loss after taxation -403 -649
Headline earnings/(loss) per share (cents) -0.1 0.3
Loss per share (cents) -0.2 -0.3
Dividend per share - -
Shares in issue (000`s) 251,003 251,003
Weighted Average (000`s) 251,003 195,234
Reconciliation of headline
earnings
Profit/(loss) per income -403 -649
statement
Profit on sale of Mike`s Kitchen -984 -
Franchise
Impairment on Zimbabwe asset 286
Provision against prior year 582 -
loans
Loss on discontinued operation 351 1,162
Headline earnings/(loss) -168 513
ABRIDGED GROUP BALANCE SHEET
28-Feb 29-Feb
2005 2004
R000`s R000`s
ASSETS
Non- current assets 16,780 14,001
Property, plant and equipment 13,698 10,919
Deferred taxation 3,082 3,082
Current assets 39,372 38,235
Inventories 15,238 15,997
Accounts receivable 24,134 22,238
56,152 52,236
EQUITIES AND LIABILITIES
Capital and reserves 11,921 12,324
Ordinary shareholders funds 11,921 12,324
Non-current liabilities 15,226 14,011
Long term liabilities 15,226 14,011
Current liabilities 29,005 25,901
Accounts payable 20,197 20,887
Taxation 157 3,354
Bank overdraft 8,651 1,660
56,152 52,236
ABRIDGED GROUP CASH FLOW STATEMENT 28-Feb 29-Feb
2005 2004
R000`s R000`s
Cash flow from operating -4,747 135
activities
Cash flow from investing -3,172 -1,285
activities
Cash flow from financing 1,215 1,759
activities
Net change in cash and cash equivalents -6,704 609
Cash resources at beginning of -1,660 -2,269
year
Cash resources at end of year -8,364 -1,660
STATEMENT OF CHANGES IN
EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
R000`s R000`s R000`s R000`s
Balance at 28 February 2003 1,395 8,024 -5,192 4,227
Conversion of convertible 1,115 10,038 11,153
debentures
Prior year adjustment -2,407 -2,407
Net loss for the year -649 -649
Balance at 29 February 2004 2,510 18,062 -8,248 12,324
Net loss for the year -403 -403
Balance at 28 February 2005 2,510 18,062 -8,651 11,921
ACCOUNTING POLICIES AND AUDIT OPINION
The principle accounting policies, as outlined in the 2004 annual report,
have been consistently applied. The abridged annual financial statements have
been prepared in accordance with South African Statements of Generally
Accepted Accounting Practice.
The results for the year ended 28 February 2005 have been audited by
Baxters. Their unqualified audit opinion is available for inspection at
the registered office of the company.
COMMENTS
Sector : Industrial - Leisure and Hotels
Nature of business
The nature of the business is :
1 The establishment, development and operation of franchise restautants and
pubs, namely;
Keg, Keg Cafe`, McGinty`s, Saddles, Bimbos and Dockside Porterhouse.
2 The processing, storage, wholesaling and distribution of frozen, chilled and
dry products under the name of Lusitania Food Products.
FINANCIAL RESULTS
1 The group`s turnover has increased by 13%
from the prior year.
2 The franchise division increased it`s
profitability for the year.
3 Due to poor conditions in the fishing
industry, Lusitania was
adversely affected and
incurred losses.
EXCEPTIONAL ITEMS
The exceptional items disclosed in the income
statement arose from:
1 Profit on sale of Mike`s
Kitchen franchise
2 Loss on discontinued operation resulting from the
closure of a company-owned store
3 Provision against prior
year loans.
4 Impairment of Zimbabwe
asset
PROSPECTS
The Group is budgeting to return to profitability in the new year, to be
implemented.
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board
ACP Cotterell
(CEO)
26 May 2005
DIRECTORS
ACP Cotterell (CEO), B Trafalis, VPG Cotterell*, RP Hume*,
* Non-executive
Transfer Secretaries:
Computershare Limited Investor Services 2004 (Pty) Limited
Sponsor:
Sasfin Corporate Finance - A division of Sasfin Bank Limited
Group Secretary: Colin Webb
Registered Office:
Kingco Park, 97 Milner Street, Kensington B, Randburg, 2194.
Auditors:
Baxters, Registered Accountants and Auditors, Chartered Accountants (SA)
Date: 26/05/2005 05:30:08 PM Produced by the JSE SENS Department
